TNA's Huge Debt Revealed
Let's just say Dixie owes a lot of people a lot of money.
The bad news is TNA owes various creditors $3.4 million. The good news is...actually no, there is no good news for them right now. Everything for TNA is really quite terrible at the moment.
Recently the company received quite a bit of emergency cash to air Bound for Glory, but apparently that was only to pay the production costs for the show. That may not have been enough to pay the talent who worked the event. Then there's Billy Corgan's lawsuit against the company for an untold amount of money, and that's just the beginning.
PWInsider has revealed that various other parties are also owed a lot of money. One of those groups is Audience of One Productions, which used to be the production company behind Impact. They are suing TNA (as well as Aroluxe Marketing, which has been an ongoing player in the battle to own the company) for "$223,000 plus interest." They allege that TNA has not paid them since Bound for Glory for their services.
It keeps on going. The Tennessee Department of Revenue has filed a tax lien with the Davidson County Register of Deeds over a month ago for unpaid business taxes against TNA. Prior to that, Toronto's Anthem Sports and Entertainment has listed TNA as a debtor to the Tennessee Secretary of State.
In addition to all of that, add in Aroluxe Marketing and MCC Acquisitions (along with Corgan) to the parties that TNA owes money too. The grand total is estimated to be at $3.4 million. That's just what we know of; for now.
Well, this is obviously really, really bad for Dixie Carter and TNA. The company effectively got a stay of execution for Impact, as they have episodes taped into Dec. But for the company itself, they could potentially go under (or switch ownership hands) depending on how these court cases play out in the near future.